Dubai Holding’s projects began several years before the company’s official establishment, starting with the launch of Dubai Internet City in 1999. This was followed by a series of groundbreaking ventures within the UAE and abroad, positioning Dubai Holding as the largest national corporation in Dubai, with assets valued at approximately AED 265 billion as of early 2024.

The initial projects involved the development of cities designed to support various economic sectors and built on commercial principles that contributed to Dubai’s economy. Starting with Dubai Internet City and Dubai Media City, financed through a $200 million loan from HSBC, the ventures expanded to create specialized cities and companies with global investments. These include Dubai International Financial Centre, Dubai Production City, Dubai Studio City, Dubai Healthcare City, Dubai Humanitarian City, Dubai Design District, Dubai Academic City, Dubai Industrial City, Dubai Knowledge Park, Dubai Outsource Zone, Dubai Science Park, Jumeirah Group, Empower, and the telecommunications company “du,” among others, all established on solid commercial foundations.

In 2004, His Highness Sheikh Mohammed bin Rashid Al Maktoum announced the formation of Dubai Holding to manage the major projects initiated since 1999. The company’s long-term goals included transforming Dubai into a global business hub and a premier tourist destination, while fostering a diverse, sustainable, and forward-looking economy through initiatives focusing on non-oil sectors. His Highness appointed H.E. Mohammed Al Gergawi as the company’s chairman.

The group, which consisted of several companies with assets and revenue streams, eventually evolved into Dubai Holding. Its operations span investments in sectors such as innovation, education, healthcare, technology, real estate, energy, hospitality, and media across the globe, including Europe, Asia, and Africa. Among its notable initiatives are projects by the Jumeirah Group, managing assets worth AED 130 billion worldwide, including Carlton Tower Jumeirah and Jumeirah Lowndes in London, Capri Palace Jumeirah in Italy, Jumeirah Port Soller Resort in Mallorca, Spain, and the iconic “Le Richemond” hotel in Switzerland. Dubai Holding also undertakes significant projects in Africa, such as the Dubai Investment Complex in Angola, and manages external assets worth approximately $10 billion, solidifying its status as a major global player.

Additionally, Dubai Holding has developed infrastructure-focused projects and specialized cities, such as Dubai Internet City and Dubai Media City, which have become thriving business hubs. Dubai Internet City alone hosts over 1,600 business partners, including companies listed in the Fortune 500, representing the largest firms in the region by annual revenue. Other projects under Dubai Holding include the Dubai International Financial Centre, which housed over 5,500 active companies by the end of 2023 and manages assets totaling AED 18 billion. Another notable development is Dubai Humanitarian City, the world’s largest humanitarian hub, with 80 members, including international organizations.

These ventures have established Dubai Holding as a key contributor to the nation’s reputation as a global leader in business and investment, turning it into a strategic hub that attracts companies and investors from around the world.

Under the leadership of His Highness Sheikh Ahmed bin Saeed Al Maktoum, Chairman of Dubai Holding, the company’s assets across its various sectors reached approximately AED 265 billion by mid-2024. Dubai Holding operates in 31 countries across multiple continents and employs around 40,000 people. One of its most notable recent achievements was the merger of Nakheel and Meydan into the group, paving the way for the creation of a larger entity with expertise spanning multiple sectors, capable of competing on both regional and global levels.

Over the past 20 years, Dubai Holding has undergone numerous transformations and developments that shaped its success. Some of its most prominent projects began as mere concepts and plans but have since materialized into iconic landmarks. These include integrated residential, commercial, and entertainment areas such as Global Village, Coca-Cola Arena, Dubai Parks and Resorts, the Water Park, Ain Dubai, JBR, The Green Planet Dubai, Roxy Cinemas, Al Seef, Bluewaters Island, and more. The company has also played a pivotal role in advancing Dubai’s tourism and hospitality sector through the establishment of Jumeirah Hotels and Resorts. This local brand, which originated in Dubai, has since gained global recognition and expanded its reach, in addition to partnering with leading international hotel operators such as Hilton, Marriott, and others.

The Founding of Dubai Holding and the $200 Million Loan

“I do not want this to be a traditional investment project; rather, it should be an investment initiative from the Middle East for the Middle East.”

His Highness Sheikh Mohammed bin Rashid Al Maktoum

In the late 1990s, His Highness Sheikh Mohammed bin Rashid Al Maktoum directed his team, led by H.E. Mohammed Al Gergawi, to work on strategic projects in Dubai. Among these were Dubai Internet City in 1999 and Dubai Media City in 2000. These projects were unconventional, as they did not rely on capital or direct government support. Instead, they were financed through a $200 million loan, with the teams responsible for these nascent ventures tasked with repaying the loan on a fixed schedule while adhering to all legal contracts. Adding to the challenges, these projects were established in remote desert areas, far from the city center.

Over time, these entities grew and expanded, giving rise to major companies such as “du” and “Empower.” By 2004, Dubai Holding was officially established as an umbrella organization for all these projects, transforming them into large, successful entities built on the principles of sustainable strategic development.

Reflecting on that period, H.E. Mohammed Al Gergawi, the founder and former chairman of Dubai Holding, remarked:

“We didn’t have a budget… We had to build a massive company without any capital… It was a significant risk—either luck would be on our side, and we’d succeed, or we’d fail. I remember requesting a government loan, but it wasn’t available. From a barren desert with no competitive advantages, this company had to find its way into the light.”

He added, “We prepared reports and studies and approached several banks. At the time, we were negotiating based on far-off goals and promises that were difficult to fulfill. The story reached its turning point when one bank—HSBC—finally agreed to lend us $200 million.”

Recovery from the 2008 Global Financial Crisis

The global financial crisis of 2008 impacted Dubai Holding’s performance, necessitating the rescheduling of several projects and the restructuring of the holding company itself.

However, Dubai Holding fully recovered from the effects of the crisis within five years, successfully meeting all its obligations. By 2013, the company achieved a net profit growth of 178%, amounting to AED 3.3 billion, and an increase in total revenue of 27%, reaching AED 11.6 billion.

In 2016, the company recorded exceptional growth, with net profits rising by 25% to AED 5.83 billion. Revenue grew to AED 14.53 billion, reflecting a 15% increase, while the number of registered companies in Tecom’s innovation clusters grew by 11%, reaching 5,100 entities. Additionally, Dubai Holding managed over 15,000 residential units with a 98% occupancy rate and achieved full occupancy in its commercial spaces.

March 2024: Integration of Nakheel and Meydan into Dubai Holding

In March 2024, His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice President, Prime Minister, and Ruler of Dubai, directed the integration of Nakheel and Meydan under the umbrella of Dubai Holding, with His Highness Sheikh Ahmed bin Saeed Al Maktoum as Chairman. This move created a powerful economic entity within Dubai Holding, boasting a highly diverse portfolio of vital economic activities. These activities are deeply aligned with the industries of the future, including technology, media, and diversified investments, positioning the group to achieve greater success across all sectors and to support the goals of the Dubai Economic Agenda D33.

Key Partnerships

• Emirates NBD Bank: In 2023, Dubai Holding Investments, the group’s investment arm, became the second-largest shareholder in Emirates NBD Bank, acquiring a 14.8% stake.
• Emaar: In 2022, Dubai Holding became the second-largest shareholder in Emaar Properties after completing the Dubai Creek Harbour deal, a flagship project along the Dubai Creek waterfront.
• Empower: Tecom, a subsidiary of Dubai Holding, owns 24% of Empower, the world’s largest district cooling service provider.
• Brookfield Asset Management: In 2019, Meraas Holding, part of Dubai Holding, entered into a long-term partnership with Brookfield Asset Management to own and operate a diverse portfolio of retail assets, including The Beach, City Walk, and La Mer.
• Warsan Waste-to-Energy Plant: Dubai Holding contributed to the establishment of the Warsan Waste-to-Energy Plant, the largest facility of its kind globally, generating energy from waste.
• Jumeirah Marsa Al Arab: Dubai Holding developed the luxurious Jumeirah Marsa Al Arab Resort, overlooking the iconic Burj Al Arab, setting new standards for luxury hospitality.
• Aldar Properties: Dubai Holding partnered with Aldar Properties to develop three projects in Dubai, marking Aldar’s entry into Dubai’s real estate market.